These addresses were lengthy for a relatively small...

These addresses were lengthy for a relatively small company.

While the major acquisition has been going OK, the worry, as one shareholder pointed out, is that net debt and the gearing level have significantly increased.

The MD/CEO admitted what can't be denied: if interest rates rise, this will affect net earnings and hence, given the dividend policy, dividends.

Another question was about whether mainland Chinese COVID-19 policies ('elimination') were affecting QIP: the MD/CEO said there were no staff on the ground in that nation, and it wasn't affecting QIP (presumably to any 'material' effect).

The MD said QIP was focused on cost reductions such as less office space that should show savings by FY 24, and an increase in margins.

Overall my non-expert perception was that the outlook is uninspiring.

Early days but by around 1100 grumpy 'Mr Market' seemed to have agreed with the shares trading at A$0.89, down a bit more than one per cent. However volume at 72350 was miniscule, pretty much the norm for many smaller companies including QIP.

Others with more knowledge of the finances suggest QIP is undervalued but the AGM's tone suggests it has quite a few headwinds.

The other question is how a recession in 2023 will affect filings and applications. I lack an answer.